Lawnton
We Know We Should, So Why Then Don’t We?
With the end of the 2014 financial year drawing near, it’s time to kick start planning mode for your business for the 2015 year. Business theory tells us we need to have a business plan (a road map) which we need to utilise regularly in our business and review and update, at a minimum annually. However, it is a well known fact that many Small to Medium Enterprises (SMEs) don’t have a business plan and don’t regularly review and update in relation to their business.
To coin an overused phase – business owners need to find oxygen to work on their business rather than in their business. However, speak to SME owners and they will tell you the plan is in my head, I am constantly monitoring my business, I haven’t got time etc.
So this got me thinking, business planning is just like exercise and good eating habits – we know we should do it, so why then don’t we?
To get a hands on grass route answer to this question I asked the business owner members of the Albany Creek Business Contacts group. Interesting, almost 75% of the members indicated they had a business plan/undertook business planning and of this 75%, almost 100% indicated it was in their head.
So starting at the very beginning, everyone agreed with the theorists that all businesses should have a business plan/undertake business planning. However, when asked why they don’t really do it, the general feeling was that it was time consuming, loads of work, easily forgotten about and, to quote one of the members who put it so succinctly, “it’s a big scary animal” so better kept just in your head.
It was discovered that most business owners do undertake aspects of business planning depending on what was important at the time. For example, some focus on the numbers on a regular basis and to some detail, including breakeven analysis, fortnightly number crunching and expenses analysis to look for savings. Some identified focus on customer/client analysis in regard to market requirements, service delivery (cost/benefit) and as a feeder to marketing strategies (for example, one business affected by seasons undertook planning to ensure marketing strategies and products changed to match the time of year).
So, this lead discussion to what needs to be considered when planning. Firstly, it was suggested that “business” owners need to answer the question – are they creating a business (ie, an asset that could be sold and/or operate without them) or a job for themselves? This can be quite a confronting question for business owners who hold the belief they are building a business, however, in reality they are creating a job/income stream for themselves. Don’t get me wrong, either model is fine as long as the owner understands what they are wanting and creating so they can plan accordingly.
It was also, suggested that, before taking the leap into business (and full planning) a prospective owner needs to fully investigate what it means to be a business owner and what it takes to run a business. Business ownership can be quite a romantic notion with visions of freedom, calling the shots, wealth and all the blissful positive things success in business can bring. However, business ownership is lonely, long hours, hard work, stressful, Jack of all trades and, for some, mediocrity and/or limited success. We need to take the rose coloured glasses off and look at business ownership in the raw – warts and all – and make a decision if we are really suited and motivated to it.
It was at this stage, the group agreed that business planning needed to be more than just “in our head”. However, it was agreed that business planning and plans could take various forms with various detail to support and meet the needs of the individual business. It was agreed this was a topic worth exploring further with real actions shared to help and inspire business owners to develop planning processes and plans for their business.
Make sure you check back in on Wednesday 29 April 2015 as this discussion will be the topic of the blog posted then.
(Blog contributors – Leonard Whittaker (Action Cycle Learning) Rob Carmody (Australian Integrated Communications) Sally Balwin (Balanix Solutions) Kathy Patterson (Brendale Stationery Supplies) Matthew Fox (Brisbane hosting & Web Design) Kirsty Newbery (Caring Cottage) Brad Davies (Conquest Pest & Termite Control) Scott Deaves (David Deane Real Estate) De Wet van der Nest (Express Air Con Cleaning) Oriano Giammichele (GT Racing, Mobile Mechanic) Stuart Bywater (Bywater Design) Rhennen Ford (Streten Mason Lawyers) Tracey Carter (Scrub Mutts) Jason Matthey (Insurance Web) Damien Jenkins (Australian Unity, North Lakes) Anne-Louise Underwood (SMS Toolkits)
Albany Creek Business Contacts consists of local quality and reliable businesses who provide a wide range of services from home and residential services to B2B and commercial services. Our service areas cover primarily Albany Creek, Eatons Hill, Brendale, Aspley, Warner, Chermside, Strathpine, North Lakes. However many members will cover greater areas.
Albany Creek Business Contacts meet fortnightly on a Wednesday morning for a 7am breakfast and networking meeting.
Sally Balwin
Recruitment | HR | Business Development
Balanix Solutions – Taxation | Accounting | Business Advise.
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)
Next 12 Months Focus for SMEs
At the beginning of each calendar year, the Western Australia’s Small Business Development Corporation (SBDC) surveys a sample of small business operators to determine how they expect their business to be impacted over the coming 12 month period (Link to SBDC survey results http://www.smallbusiness.wa.gov.au/business-in-wa/what-is-a-small-business/business-expectations-survey-2015/ ). This got me thinking about, now that we are 3 months into the calendar year and with 3 months left to the start of the 2015-2016 financial year (to plan and develop strategies), what do business owners think the next 12-18 months will look like? – what are the impacts on Small to Medium Enterprises (SMEs) and what should SMEs be focusing on to survive and proper?
Here’s what the brain trust (that is the Albany Creek Business Contacts) discussed.
- Cashflow Management: there was general agreement that cashflow management would still be a high focus for SMEs ensuring that a long term management of expected cash in and cash out is managed.
- Price of Service/Product –v- price of materials/supply: with fluctuating fuel prices, increased electricity prices etc discussion highlighted the need for SMEs to monitor the price of materials and other services/products purchased to ensure margins are maintained in the supply of the SME’s product or service. Comments focussed on ensuring sound buying behaviours to ensure viability of the business.
- Service: generally, consumers will not haggle over price if they believe they are getting value for money and good service. Maintaining good client/customer service and relationships will continue to be a vital point of difference for SMEs. We all know what it is like dealing with large Telcos/large organisations – being smaller and more personable can be a significant advantage.
- Technology: technology will continue to be a focus for most businesses. With the continuous rapid change in technology, SMEs need to be constantly monitoring what is available, and what will cost effectively add value to the business.
- Change: the old adage that “the only things certain in life are taxes and death” has a new room-mate – change. All industries are under constant change and the challenge for SMEs is to keep on top of it and determine what to respond to, what not to respond to and, if appropriate, how to be the change initiator and/or leader.
- Diversity: SMEs need to continuously monitor their client/customer needs and diversify (if need be) to remain relevant. By way of example, with many businesses moving towards “paperless” stationery suppliers have diversified to offer broader “office supplies” such as cleaning products and safety equipment in addition to traditional stationery supplies.
- Overseas Outsourcing: SMEs need to be monitoring the growing opportunities to source services and products overseas. Again, SMEs need to understand and be able to communicate their point of difference to compete.
- Be a Hunter: the market is the market of the day. SMEs need to invest time, resources and strategies in continuously sourcing new clients/customers. Complacency will not win the race.
(Blog contributors – Leonard Whittaker (Action Cycle Learning) Rob Carmody (Australian Integrated Communications) Sally Balwin (Balanix Solutions) Kathy Patterson (Brendale Stationery Supplies) Matthew Fox (Brisbane hosting & Web Design) Kirsty Newbery (Caring Cottage) Brad Davies (Conquest Pest & Termite Control) Scott Deaves (David Deane Real Estate) De Wet van der Nest (Express Air Con Cleaning) Oriano Giammichele (GT Racing, Mobile Mechanic) Stuart Bywater (Bywater Design) Rhennen Ford (Streten Mason Lawyers) Tracey Carter (Scrub Mutts) Jason Matthey (Insurance Web) Bruce Hall (Wombat Electrical)
Albany Creek Business Contacts consists of local quality and reliable businesses who provide a wide range of services from home and residential services to B2B and commercial services. Our service areas cover primarily Albany Creek, Eatons Hill, Brendale, Aspley, Warner, Chermside, Strathpine, North Lakes. However many members will cover greater areas.
Albany Creek Business Contacts meet fortnightly on a Wednesday morning for a 7am breakfast and networking meeting.
Balanix Solutions – Taxation | Accounting | Business Advise.
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)
Networking Groups – Why and What Makes a Good One?
Florence has decided to stop working for “the man” and branch out on her own launching “Sadie Suds – Domestic and Commercial Cleaning”. This is Florence’s first venture in business and she is looking for ways to attract customers. Marketing 101 suggests that networking is one of the best ways to grow a business. Eagerly Florence researches this “networking” thing and discovers there are a number of ways to do it – one being to join a networking group.
OK, she thinks, sounds simple enough. Google research indicates that the primary goal of many networking groups “is to generate referrals for the member’s”.
Woohoo, she thinks, that’s what we want! All I have to do is join my local networking group, turn up at meetings and the referrals will flow – simple!
Four months later, Florence is in a quandary – I have been a member of this group for 4 months now – people have started talking to me – some have shown a bit of interest in my business – but no firm referrals yet. Why isn’t it happening? Am I just in a bad one? Have I been miss led? Help!
There are many networking groups available to business owners, but what makes a good one and what happens to make them a success for members? Who better to ask than a bunch of committed members of the Albany Creek Business Contacts (ACBC) group. Here’s what they had to say –
Firstly, successful networking groups are about building personal and professional relationships not transactional relationships. What is meant here is, unsuccessful groups will focus on just handing out business cards, hard sell and pressure to refer. Yes referrals are a foundation of networking groups, but the ACBC members find that the referrals come happily if the group is focussed on getting to know each other, each other’s businesses and being prepared to give to each other – that is, build relationships with each other.
As we all know – relationships take time. Creating success in a networking group is a long term commitment and if all members are working together with similar goals and philosophy, then the group will succeed.
The group then agreed that a successful networking group must support and nurture members to be givers and sharers not takers. If business owners join groups with the sole expectation that, because they are a member of the group everyone will refer to them, then a good networking group is not for them. Members commented that the success of ACBC is around the sharing of knowledge and ideas with each other to support each other’s growth as individuals and business owners. With this giving, groups are successful when members are being honest, real and genuine with their contributions, not “flapping egos” at every opportunity.
Successful networking groups are made up of members who are prepared to get out of the group what they put in – that is, be involved, invest time in the group and the individual members, participate in discussions, events and activities and find out as much as they can about each other.
It was suggested that some of the best networking groups as those owned by the members not by a business. Successful groups feel like business communities where people are comfortable/at home with the members and are motivated to attend meetings/events/functions and have a genuine motivation to support each other’s business growth.
So, I say to Florence – give it more time, build genuine honest relationships with your fellow members, invest time and effort in the group and individual members and be prepared to share your knowledge, ideas and bumps along the business journey and you will find that others will engage with you more and more.
If the ACBC members have got it right – find this type of environment in a networking group and the referrals will flow.
(Blog contributors – Leonard Whittaker (Action Cycle Learning) Rob Carmody (Australian Integrated Communications) Sally Balwin (Balanix Solutions) Kathy Patterson (Brendale Stationery Supplies) Matthew Fox (Brisbane hosting & Web Design) Kirsty Newbery (Caring Cottage) Brad Davies (Conquest Pest & Termite Control) Scott Deaves (David Deane Real Estate) De Wet van der Nest (Express Air Con Cleaning) Oriano Giammichele (GT Racing, Mobile Mechanic) Anne-Louise Underwood (SMS Toolkits) Stuart Bywater (Bywater Design) Rhennen Ford (Streten Mason Lawyers) Tracie Palmer (Cornerstone Home Loans) Tracey Carter (Scrub Mutts) Jason Matthey (Insurance Web) Bruce Hall (Wombat Electrical)
Albany Creek Business Contacts consists of local quality and reliable businesses who provide a wide range of services from home and residential services to B2B and commercial services. Our service areas cover primarily Albany Creek, Eatons Hill, Brendale, Aspley, Warner, Chermside, Strathpine, North Lakes. However many members will cover greater areas.
Albany Creek Business Contacts meet fortnightly on a Wednesday morning for a 7am breakfast and networking meeting.
Balanix Solutions – Taxation | Accounting | Business Advise.
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)
Is Your Next Business Relationship Banned or Disqualified?
Sometimes, in business, to expand we need to enter into business relationships with others. I don’t mean just suppliers, but also “partners” where there is a formal contractual relationship. This can be high risk particularly if you don’t know the person very well.
Did you know you can search the Australian Securities and Investment Commission (ASIC) registers for a person who has been disqualified from managing a corporation, or banned from practicing in the financial services or credit industry?
ASIC’s Banned & Disqualified search includes information from the following registers:
- disqualified persons register
- credit banned/disqualified register
- Australian financial services (AFS) banned/disqualified persons register
- banned securities representatives register (pre-AFS licences)
- banned futures representatives register (pre-AFS licences), and
- disqualified SMSF auditors.
Here’s the link to do a search – Search for a banned and disqualified person now.
Sally Balwin
Recruitment | HR | Business Development
Balanix Solutions – Taxation | Accounting | Business Advice
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)
Is Your Proposed Business or Trading Name Available
One of the most existing parts of starting a business is developing its name. For some this is a simple reasonably quick process – for others, a process filled with research, comparisons and procrastination. But did you know that you can’t have a business name that is identical or similar to an existing registered business name?
So how do you know if you can trade under your proposed business or trading name? The first step is to find out whether the name you want to register is available.
A check name availability search with the Australian Securities and Investment Commission (ASIC) determines whether your proposed company or business name is identical (or similar) to a name that is already registered or reserved with ASIC.
A proposed name will be rejected if it is considered identical to an already existing name, similar to an existing business name (for business names) or uses restricted words.
More information on our name availability rules can be found on ASIC’s website.
Check business name availability.
Check company name availability.
Oh, and also remember to make sure your proposed name doesn’t infringe on any trademarks. Check at IP Australia.
Sally Balwin
Recruitment | HR | Business Development
Balanix Solutions – Taxation | Accounting | Business Advise.
Situated in Strathpine on Brisbane North, we partner with our clients to assist them in their accounting, business management and bookkeeping needs. Our clients vary in industries from professional services (such as law, vet and dentist) to the trades (mechanic, bricklaying, plasterer etc), hospitality and retail. Are clients are located in the Pine Rivers area (including Brendale, Lawnton, Albany Creek and Eatons Hill) through to Kallangur, Petrie, North Lakes and Caboolture, as well as Brisbane South, the Gold Coast and various other parts of Queensland.
Call us today … we can help (07 3264 4783)
